What This Residential Real Estate Purchase Agreement Template Covers

This residential real estate purchase agreement template provides a comprehensive framework for buyers and sellers to outline the terms of a property sale. Key components include the parties involved, a detailed property description, the purchase price, and essential contingencies. Additionally, this template covers closing procedures, along with representations and warranties that protect both parties during the transaction.

When to Use a Property Sale Agreement

This template is ideal for home buyers and sellers who are ready to formalize their agreement in a legally binding document. You should use this residential real estate purchase agreement template when negotiating the sale of a home, especially if you are a first-time buyer or seller entering the real estate market. It is also beneficial in situations where you need to clarify terms related to financing, inspections, or any contingencies that may affect the sale.

What's Included in This Residential Property Sale Agreement

• Parties: Clearly identifies the buyer and seller, including their legal names and addresses.
• Property Description: Provides a detailed description of the property being sold, including its address and any relevant details.
• Purchase Price: Specifies the total price of the property and outlines the payment terms.
• Contingencies: Lists conditions that must be met for the sale to proceed, such as financing or inspection results.
• Closing: Outlines the process for finalizing the sale, including the date and location of closing.
• Representations and Warranties: Details assurances made by the seller regarding the property's condition and legal status.

Key Home Purchase Contract Provisions

• Financing Contingency: Protects the buyer by allowing them to back out if they cannot secure financing.
• Inspection Clause: Ensures the buyer has the right to inspect the property before finalizing the sale.
• Default Terms: Specifies the actions to be taken if either party fails to fulfill their obligations.
• Earnest Money Deposit: Details the deposit amount and conditions under which it may be forfeited or refunded.

Disclaimer: This template is for informational purposes only and does not constitute legal advice.